Cryptocurrency Market Faces Pressure Outflows from Spot ETFs Decreased Reserves in Mining Companies and Government Agencies Selling
Bitcoin has been falling steadily since hitting $71,754 on June 5th, with the cryptocurrency market facing pressure from factors such as spot ETF outflows, Bitcoin sales by mining companies, and even the sale of confiscated Bitcoin by governments.
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ETF Outflows for Six Consecutive Days
Continuous Bitcoin Sales by Mining Companies
Government Abandons Bitcoin Auctions, Turns to Exchange Sales
ETF Outflows for Six Consecutive Days
According to data compiled by Bitcoin.com, Bitcoin has dropped from $67,301 to $62,913 in the past week, and spot ETFs have seen six consecutive days of net outflows.
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The total outflow of funds over the six days amounts to $960.2 million (over 15,000 BTC), and the current assets under management of the 11 Bitcoin spot ETFs are approximately $55.55 billion.
Net Outflows of Bitcoin Spot ETFs
Continuous Bitcoin Sales by Mining Companies
Bitcoin reserves held by mining companies have also decreased. Between June 20th and June 22nd, mining companies’ Bitcoin reserves decreased by approximately 1,125 BTC. The expected earnings from per-second hash power are still above $50, indicating increased costs for miners, especially in terms of equipment, electricity, and other operating expenses.
(
CoinShares Report: Bitcoin Halving Reduces Mining Companies’ Cost Price to $37,800, Only 5 Companies Profitable
)
Government Abandons Bitcoin Auctions, Turns to Exchange Sales
In addition, German authorities transferred approximately $200 million worth of Bitcoin from their wallets last week. The fund transfers involved exchanges such as Coinbase, Kraken, and Bitstamp, and are seen as partial asset sales. The German government still holds 47,179 BTC.
(
On-chain Institution Arkham: German Government Sells Nearly $200 Million Worth of BTC, Still Holds 47,000 Coins
)
Federal Criminal Police Office of Germany (Bundeskriminalamt, BKA)
Bitcoin Addresses of the UK Government
Bitcoin.com points out that governments around the world seem to be abandoning auctions to sell confiscated Bitcoin, with countries like the United States opting to directly sell on mainstream exchanges.
Bitcoin Treasury Holdings Data Platform
BitcoinTreasuries
shows that the US government holds 217,486 BTC, worth $13.9 billion, ranking first globally, as well as 53,900 ETH, worth $187 million.
China follows with 190,000 BTC, the UK with 61,245 BTC, and Germany with 47,179 BTC. In total, governments’ Bitcoin holdings from various countries now account for 2.7% of the total supply.
Cryptocurrency Addresses of the US Government
ETH
Bitcoin
Bitcoin Spot ETF
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